Business News in Brief

Buhari to Lay 2018 Budget Next Week

President Muhammadu Buhari is to lay the estimates for the 2018 Budget to a joint session of the National Assembly on Nov. 7.

In a letter from Mr President, read on both chambers of the National Assembly, President Buhari said that he would formally address a joint session of the National Assembly at 2:00PM on Tuesday.

The letter which was read on the floor of the House of Representatives reads thus:

FG Saves $2m Annually from Local Cement Production

The Chairman of BUA Group, Abdulsamad Rabiu, has said that the local cement manufacturers produce over 25 million tonnes cement thus saving the country two million dollars annually.

He said this while addressing State House Correspondents after a meeting of the Presidential Industrial Advisory Council chaired by Vice President Yemi Osinbajo at the Presidential Villa.

“The most important thing I think is that the cement industry in Nigeria will continue to save Nigeria a lot of foreign exchange.

Naira Closes 362/$ at Parallel Market

The Naira on Monday traded at N362 to the dollar at the parallel market while the Pound Sterling and the Euro closed at N475 and N425.

The Nigerian currency exchanged at 360.16 to the dollar at the investor’s window, the News Agency of Nigeria reports.

The Naira also traded at N362 to the dollar at the Bureau De Change (BDC) window, while the Pound Sterling and the Euro closed at N475 and N425.

IMF says Rising Debt, Political Risk Dim Sub-Saharan Africa's Economic Outlook

Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth.

Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders, Reuters reports.

Fitch: Nigerian T-Bill Boost to Bank Margins May Be Temporary

Fitch, a rating agency, has said that very high Nigerian Treasury Bill yields are helping banks to maintain their margins, but noted that the boost to net interest income may be temporary, Reuters reports.

It added that banks have been investing heavily in T-Bills since 2H16, boosting interest income and maintaining margins.

DMO sells Bonds at Flat Rate of 15%

Nigeria has sold a five and 10-year debt at a flat rate of 15 percent at an auction on Wednesday to curtail borrowing costs as inflation declines, traders said on Thursday.

The Debt Management Office (DMO) raised a total of 121.13 billion naira, more than the 100 billion naira it wanted to raise.

The DMO sold three billion naira of the 2021 paper and 97 billion naira of the 2027 paper at 15 percent. It allotted 21.13 billion naira of the 10-year debt on a non-competitive basis.

Fraud: Kogi Poly Staff Steal ₦157m via Payroll

The Kogi State Government said it has established a payroll fraud of N157.38million perpetrated by the bursar of the state polytechnic and four others.

All the indicted officers, who have been suspended from office, are all senior staff in the Bursary Department of the Kogi State Polytechnic.

Government said that the money was diverted into the private accounts of the five officers, over three years, from April 2014 to May 2017.

Unilever Nigeria’s Rights Issue Share Sale Oversubscribed

Unilever Nigeria’s 58.85 billion-naira ($187 million) rights issue was 120 percent subscribed, the company said on Wednesday.

The local subsidiary of Anglo-Dutch consumer goods group Unilever, said in a statement it sold 14 new shares for every 27 held at 30 naira each.

The company, which is 60.05 percent owned by Unilever, said four shareholders applied for 50 million shares or more during the offer.

Unilever had said it would take up its rights under the offer to maintain its shareholding and not convert a loan made to the subsidiary into equity.

FG Releases Mobilisation Fees for 2nd Niger Bridge

The Federal government has paid N2 billion mobilization fees to contractors for the commencement of work on the second Niger bridge in Onitsha.

Work on the project would be completed before the end of 2019, Vice President Yemi Osinbajo has assured Nigerians.

Osinbajo was in Onitsha on Friday at the official flag-off campaign of Mr Tony Nwoye, the All Progressives Congress (APC) governorship candidate in Anambra.

Osinbajo said that all projects embarked on by the Federal Government would be completed without exception including rail and federal roads.